The global elemental analysis market is expected to reach USD 2.02 billion by 2025, growing at a CAGR of 6.2%, according to a new report by Grand View Research, Inc. The market is primarily driven by amendments in the ICH (International Council for Harmonisation of Technical Requirements for Registration of Pharmaceuticals for Human Use) regulations that mandate use of elemental analysis for finished medical products, including pharmaceuticals.
Many manufacturers of elemental analyzers invest in R&D of new and technologically advanced products. In addition to their expenses for R&D, many key players launched new products in the market in the past 3 years. For instance, in May 2016, Agilent Technologies launched Agilent 5110 ICP-OES, which was designed to enable scientists perform fast and precise elemental analysis of pharmaceuticals and food products along with mining, industrial, and environmental analysis.
In addition, in many countries, the limit of heavy metals/trace elements is regulated by their respective pharmacopeias. For instance, United States, Japanese, and European pharmacopeias limit the amount of trace elements in finished pharmaceutical products. Furthermore, elemental analysis is a crucial step before commercial launch of a medical product in the market.
North America held the largest market share in 2016. Local presence of large number of manufacturers, regulation of limits of trace elements/heavy metals by United States Pharmacopeia (USP), and ongoing research for development of new products are major factors responsible for the largest share held by this region. However, Asia Pacific is likely to grow at the highest rate between 2017 and 2025. Rise in interest of market players to expand their business in Asia Pacific, growing awareness on safety of pharmaceuticals, and increase in expenditure by local pharmaceutical companies on elemental analyzers are factors that can be attributed for the highest growth rate of Asia Pacific region during the forecast period.
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Further Key Findings From the Report Suggest:
The inorganic elements segment held the largest revenue share in 2016 due upcoming mandates for elemental analysis in medical products
Nondestructive technologies held the largest revenue share of the market, by technology, in 2016. Retention of sample after analysis and high precision rate can be the key factors for largest share of this segment
North America dominated the global market due to presence of USP regulations that limit the amount of heavy metals/trace elements
Grand View Research, Inc. has segmented the elemental analysis market on the basis of type of elements analyzed, technologies used, and region:
Elemental Analysis Type of Elements Outlook (Revenue, USD Million, 2014 - 2025)
Elemental Analysis Technology Outlook (Revenue, USD Million, 2014 - 2025)
Other destructive technologies
Other nondestructive technologies
Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East & Africa
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